Question on tax status

[jGorm]

do I list farm income and expenses as only farm or as a business also?

[ColeenD3]

Your farm is your business. Enter everything on Schedule F.

[jGorm]

So when Turbo  Tax software asks if I have business I should say yes and enter income and expenses there and when it covers section on farm enter the same information there as well? This were I am confused! I do understand the farm as a business but the correct place to enter the information has me confused. where should the information be entered correctly?

[VolvoGirl]

Only enter it in one place, one time.  Just under Farm.

[jGorm]

thank you

[MinhT1]

Farm income and expenses must be entered only in the Farm section of TurboTax. Do not enter again in the Business section.

Farm income and expenses are transferred by TurboTax to Schedule F.

[jGorm]

I have the small farm income and I know this should get listed on Schedule F, BUT when TurboTax asks if I have a business I should say NO? OR should the answer be YES for the business question?

If noThen only list information under the farm section?

Please help by clarifying how to handle this question?

[PattiF]

You would only list the farm income under the Farm Section. A Farm is considered separate from a business for income tax purposes.

[jGorm]

I have the small farm income and I know this should get listed on Schedule F, BUT when TurboTax asks if I have a business I should say NO? OR should the answer be YES for the business question?

If noThen only list information under the farm section?

Please help by clarifying how to handle this question?

[jGorm]

so I should select NO at the point that TURBOTAX asks for Business Income & expense...correct?

[PattiF]

Yes, select NO to Business Income and Expense.

[jGorm]

Thank you for the specific information...it helps a lot